The United Arab Emirates has announced a $4.5 billion fund to support renewable energy projects across Africa.
This was disclosed by Sultan Ahmed Al-Jaber, the UAE special envoy on climate change and President of COP28 during an interview with CNBC Africa on the sidelines of the COP 28 summit.
- “The hands-on experience we have enabled us to go with a special proposition that is the Africa fund which we have announced a $4.5 billion with five entities representing the UAE.”
- “The mandate of that fund is simply to replicate what Mazdar has been doing for the past 17years… and that is why we provided $3 billion of equity and $1.5 billion of catalytic funding that is more of a concessionary that will help catalyze these investments.”
The COP 28 President also hinted that the fund will grow to $25 billion in the next three years as there are huge opportunities in renewable energy across Africa.
The objective of the fund
The fund aims to tackle the increasing energy demands in Africa, spur economic development, generate employment opportunities, attract industries, and facilitate the transfer of knowledge and technology.
Al-Jaber further underscored the significance of backing the comprehensive business value chain engaged in renewable energy projects, from manufacturing to ensuring resilience in the supply chain.
He mentioned that Africa’s strong political determination and practical expertise played a crucial role in shaping a proactive agenda to confront global challenges and maintain the goal of restricting global warming to 1.5 degrees Celsius within achievable bounds.
About the COP 28 summit
The annual United Nations Climate Summit, COP28, in Dubai, is centered on specific measures to combat climate change and forge a sustainable future for the planet.
Boasting a record attendance of over 100,000 participants, including world leaders and heads of state, this year’s summit has become the most attended COP in history.